GM may file chapter 11 banckruptcy

[kenwood guy]

I was flipping through the new issue of the street truck mag and there was an article saying that it might happen but it mostly talked about domestics becoming future classics more then imports which I belive but classic becoming classics because there origin dissappers I aggree and dissagree the camaro is still bad ass as a classic but look what happend to oldsmobile and they had some bad ass rides for a while could the end of oldsmobile be a precursor?? I mean toyota added scion and there kicking ass in fact they droped the celica because of it come on GM lets light up with something more then the HHR and the SSR I dont want to here this crap

[TexasF355F1]

Chapter 11 really isn't a big deal, it's simply reorganizing the company and it's finances. GM will restructure their debts and drop other things that the courts will allow.

Toyota may have Scion, but come on now. Have you not looked at it? It's a plastic Acme Brick on wheels. Ugly as sin and the "customization" is just retarded.

[BlenderWizard]

Originally Posted by kenwood guy

I was flipping through the new issue of the street truck mag and there was an article saying that it might happen but it mostly talked about domestics becoming future classics more then imports which I belive but classic becoming classics because there origin dissappers I aggree and dissagree the camaro is still bad ass as a classic but look what happend to oldsmobile and they had some bad ass rides for a while could the end of oldsmobile be a precursor?? I mean toyota added scion and there kicking ass in fact they droped the celica because of it come on GM lets light up with something more then the HHR and the SSR I dont want to here this crap

Dude, I'm really not trying to be mean, but punctuation makes your posts SOOOO much easier to read.

[White Lightening]

Originally Posted by kenwood guy

I was flipping through the new issue of the street truck mag and there was an article saying that it might happen

Kenwood - I guess you haven[t been watching the financial pages or business magazines. Recently one of the largest magazines out there predicted that 1 of the 3 domestic automakers would be gone by 2007 in the form it is known as today. Both Ford and GM have tremendous unfunded liabilities. Last I heard - GM - on its own - was short 28 Billion dollars for its pension plan alone. As I recall - its debt level is over $300 billion (I believe the number was 350). It layed off/discontinued over 27,000 employees in an 18 month period that ended early in 2005 - then this summer it annoucned plans to drop another 25,000 employees by end of 2006. GM makes a dandy truck - but it has been a very poor business manager for years. Imagine - $28 billion short just in pension money as a single item. Both NorthWest and Delta Airlines are now in Chapter 11 - expect an auto company to be there by summer of 06 at the pace things are going. Which one? Its a coin flip from what I read. The last few months - they've all had good sales numbers - but bad profit numbers. To sell the stuff - they have been giving it away since early 2004 in many cases. Just my 2 cents.

[kenwood guy]

yea I agree but it sells that the key to staying alive I think. however but why file? why dont they just say "where doing some spring cleaning after summer and before winter"

[BlenderWizard]

Originally Posted by White Lightening

Recently one of the largest magazines out there predicted that 1 of the 3 domestic automakers would be gone by 2007 in the form it is known as today.

I had not heard that, and that is very disturbing

[kenwood guy]

Originally Posted by BlenderWizard

Dude, I'm really not trying to be mean, but punctuation makes your posts SOOOO much easier to read.

yea sorry about that, I need practice i guess??

[kenwood guy]

Originally Posted by BlenderWizard

I had not heard that, and that is very disturbing

the magazine also said that profits (90%) from the imports are going back overseas and not staying here!!!! I think that might be the proplem. 95% percent of Gm's profit stays here cheaper labor overseas more expensive labor over here. could that be another issue on its own???

[BlenderWizard]

The crisis for the Big 3 here is due to the UAW. They're an unneccessary entity anymore

[kenwood guy]

Uaw????

[jtfrog]

Originally Posted by kenwood guy

Uaw????

United auto workers union

[GMMerlin]

Originally Posted by kenwood guy

Uaw????

AKA United Against Work

Many large businesses are feeling the squeeze by the organized extortion from the UAW.
UAW workers make more per hour then most working americans, plus they have free healthcare and a pension...even when they retire, healthcare is of no cost to them.
How much do you pay?
UAW workers had it good for a long time, now the Big 3 want them to share in some of the costs (just like you and I do).
The UAW is not wanting to give into any consessions, so businesses are on the edge of backrupcy.
Now I know there are probally some UAW workers or union people on here who will blast me for what I have said, but lets be realistic.
A friend of mine sent me a story a from the news about a UAW forklift operator making over 100K a year and is filing for bankrupcy.
WHy because he is in debt for about 400K because he believed that the 16K a year he made in overtime would last forever.

Many businesses have had to lean things out to keep in business and keep people employed (important)...Big 3 want to do the same thing, but are sufficating by the hands of the UAW.

[pies]

i couldn't agree with you more gmmerlin. many companies are in severe financial problems because of unions. i am in the transportation business and we have been appoarched by the teamster union. bottom line is we will shut our doors if the employees vote the union in. fortunately we pay our drivers well and they don't complain to much.

[TexasF355F1]

Originally Posted by White Lightening

Kenwood - I guess you haven[t been watching the financial pages or business magazines. Recently one of the largest magazines out there predicted that 1 of the 3 domestic automakers would be gone by 2007 in the form it is known as today. Both Ford and GM have tremendous unfunded liabilities. Last I heard - GM - on its own - was short 28 Billion dollars for its pension plan alone. As I recall - its debt level is over $300 billion (I believe the number was 350). It layed off/discontinued over 27,000 employees in an 18 month period that ended early in 2005 - then this summer it annoucned plans to drop another 25,000 employees by end of 2006. GM makes a dandy truck - but it has been a very poor business manager for years. Imagine - $28 billion short just in pension money as a single item. Both NorthWest and Delta Airlines are now in Chapter 11 - expect an auto company to be there by summer of 06 at the pace things are going. Which one? Its a coin flip from what I read. The last few months - they've all had good sales numbers - but bad profit numbers. To sell the stuff - they have been giving it away since early 2004 in many cases. Just my 2 cents.

Out of just the two; Ford and GM, I would predict Ford going under first. Mainly because of their MASSIVE recall list they now have to deal with.

GMMerlin, I agree with you completely on unions. Everything I've read and studied about unions in college makes them seem completely useless to me. They cause more headaches and problems.

[Rollingbones]

Don't even get me going on "union" bull s#!+!!! My battles to get ahead at UC Davis Medical Center has been worse with the union than the bloody university. I was told yesterday that I'm finally getting a reclass (aka promotion) I've been working on for sometime now. It'll mean about a 10% raise and it was my supervisor, not the union, that got it for me. She's also gotten my department equity raises, not the union. The union takes our money and does nothing. On the flip side, one of the the other unions (there's three in our facility) for the RN's is pushing way over the top and are doing more harm than good. They're also taking the money from the workers here in Calif and putting it into issues in other states, pushing the union's agenda and not the workers. There was a time they were a good thing, but if they're not careful, responsible and reasonable, they're going to hurt a lot of American workers and businesses. Now it looks like they're gonna kil the American Auomobile Industry.